DCF Tool

WMT

Walmart Inc – All Other General Merchandise Stores
Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores in the United States, headquartered in Bentonville, Arkansas.
Analysis Results
Intrinsic Value $125.29
Latest Price $153.65
Relative Value 23% overvalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -1.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -1.2%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2024 12.7 12.2
2025 12.5 11.5
2026 12.4 10.9
2027 12.2 10.4
2028 12.1 9.82
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 362 billion. This corresponds to a present value of 283 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 54.8 billion. Adding in the terminal value gives a total present value of 337 billion.

There are presently 2.69 billion outstanding shares, so the intrinsic value per share is 125.29.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 75,655,000,000
Current Cash 8,625,000,000
Current Liabilities 92,198,000,000
Current Debt 5,130,000,000
Non-Cash Working Capital (NCWC) -20,038,000,000
Change in NCWC -2,693,000,000
EBIT 20,428,000,000
Tax Provision 5,724,000,000
Depreciation and Amortization 10,945,000,000
Capital Expenditure -16,857,000,000
Unlevered Free Cash Flow 4,951,239,774
Current Assets 81,070,000,000
Current Cash 14,760,000,000
Current Liabilities 87,379,000,000
Current Debt 3,724,000,000
Non-Cash Working Capital (NCWC) -17,345,000,000
Change in NCWC -856,000,000
EBIT 25,942,000,000
Tax Provision 4,756,000,000
Depreciation and Amortization 10,658,000,000
Capital Expenditure -13,106,000,000
Unlevered Free Cash Flow 16,038,719,298
Current Assets 90,067,000,000
Current Cash 17,741,000,000
Current Liabilities 92,645,000,000
Current Debt 3,830,000,000
Non-Cash Working Capital (NCWC) -16,489,000,000
Change in NCWC 2,512,000,000
EBIT 22,548,000,000
Tax Provision 6,858,000,000
Depreciation and Amortization 11,152,000,000
Capital Expenditure -10,264,000,000
Unlevered Free Cash Flow 18,428,345,069
Current Assets 61,806,000,000
Current Cash 9,465,000,000
Current Liabilities 77,790,000,000
Current Debt 6,448,000,000
Non-Cash Working Capital (NCWC) -19,001,000,000
Change in NCWC -3,529,000,000
EBIT 20,568,000,000
Tax Provision 4,915,000,000
Depreciation and Amortization 10,987,000,000
Capital Expenditure -10,705,000,000
Unlevered Free Cash Flow 12,295,561,543
Current Assets 61,897,000,000
Current Cash 7,722,000,000
Current Liabilities 77,477,000,000
Current Debt 7,830,000,000
Non-Cash Working Capital (NCWC) -15,472,000,000
Change in NCWC 479,000,000
EBIT 21,957,000,000
Tax Provision 4,281,000,000
Depreciation and Amortization 10,678,000,000
Capital Expenditure -10,344,000,000
Unlevered Free Cash Flow 14,567,738,481
Current Assets 59,664,000,000
Current Cash 6,756,000,000
Current Liabilities 78,521,000,000
Current Debt 9,662,000,000
Non-Cash Working Capital (NCWC) -15,951,000,000
Change in NCWC -3,765,000,000
EBIT 20,437,000,000
Tax Provision 4,600,000,000
Depreciation and Amortization 10,529,000,000
Capital Expenditure -10,051,000,000
Unlevered Free Cash Flow 10,933,627,587
Current Assets 57,689,000,000
Current Cash 6,867,000,000
Current Liabilities 66,928,000,000
Current Debt 3,920,000,000
Non-Cash Working Capital (NCWC) -12,186,000,000
Change in NCWC -5,105,000,000
EBIT 22,764,000,000
Tax Provision 6,204,000,000
Depreciation and Amortization 10,080,000,000
Capital Expenditure -10,619,000,000
Unlevered Free Cash Flow 10,229,827,974
Current Assets 60,239,000,000
Current Cash 8,705,000,000
Current Liabilities 64,619,000,000
Current Debt 6,004,000,000
Non-Cash Working Capital (NCWC) -7,081,000,000
Change in NCWC -2,641,000,000
EBIT 24,105,000,000
Tax Provision 6,558,000,000
Depreciation and Amortization 9,454,000,000
Capital Expenditure -11,477,000,000
Unlevered Free Cash Flow 12,135,306,775
Current Assets 63,278,000,000
Current Cash 9,135,000,000
Current Liabilities 65,272,000,000
Current Debt 6,689,000,000
Non-Cash Working Capital (NCWC) -4,440,000,000
Change in NCWC -1,081,000,000
EBIT 27,147,000,000
Tax Provision 7,985,000,000
Depreciation and Amortization 9,173,000,000
Capital Expenditure -12,174,000,000
Unlevered Free Cash Flow 14,323,970,321
Current Assets 61,185,000,000
Current Cash 7,281,000,000
Current Liabilities 69,345,000,000
Current Debt 12,082,000,000
Non-Cash Working Capital (NCWC) -3,359,000,000
Change in NCWC 3,581,000,000
EBIT 26,872,000,000
Tax Provision 8,105,000,000
Depreciation and Amortization 8,870,000,000
Capital Expenditure -13,115,000,000
Unlevered Free Cash Flow 17,374,549,318
Current Assets 59,940,000,000
Current Cash 7,781,000,000
Current Liabilities 71,818,000,000
Current Debt 12,719,000,000
Non-Cash Working Capital (NCWC) -6,940,000,000
Change in NCWC 587,000,000
EBIT 27,801,000,000
Tax Provision 7,981,000,000
Depreciation and Amortization 8,501,000,000
Capital Expenditure -12,898,000,000
Unlevered Free Cash Flow 15,369,957,104

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